BayWa’s renewable energy business posted earnings before interest and tax of €500,000 in the first half of the year, after making a loss of €3.6m in the same period of 2018.
Revenue from clean power was up by almost 29% to €696.1m from €539.9m last year.
The company put the improved showing down to an expansion of business in the sector and solid development of PV trading activities.
For example, BayWa RE said it has assumed responsibility for technical and commercial management for the 300MW onshore wind portfolio of the Talanx Group in the period.
The company also acquired the renewable energy business of Forsa Energy in the UK.
BayWa RE currently has over 2.7GW of global projects ongoing, of which 660MW are scheduled for sale in the 2029 financial year.
It also increased the sales of solar modules and inverters in the first half of the year.
BayWa added that a “significant increase in earnings is expected in the second half of the year, once the process of selling a number of wind and solar energy projects has been completed”.